Frost & Sullivan’s recent analysis, Global Biometrics in Healthcare Market, Forecast to 2024, predicts that the industry is likely to experience exponential growth over the next few years. By 2024, the market is estimated to witness a more than four-fold growth, reaching $2.72 billion, up from $670 million in 2019, at a compound annual growth rate (CAGR) of 32.3%.
“The increase in adoption of electronic health records across the globe is the key market driver for biometrics in healthcare,” said Rajalingam Arikaarampalayam Chinnasamy, Industrial Project Manager at Frost & Sullivan. “Further, with the current COVID-19 crisis, adoption of non-intrusive and wearable biometric solutions in the healthcare industry will be more pronounced.”
Chinnasamy added: “Transition to as-a-service healthcare models will be the key growth area as it will be strongly supported by technological capabilities that enhance efficiency and value-added care services. Additionally, integration of advanced technologies such as artificial intelligence, blockchain, and machine learning will give a further push to next-generation biometric solutions because they enable and ensure robust and multilayered security for critical healthcare data.”
The initial high cost of biometrics deployment is one of the prominent factors restraining it from receiving immediate investments. However, government regulations for establishing electronic healthcare systems and databases, and the rise of digitization in the healthcare industry, will encourage healthcare market participants to adopt biometrics extensively, presenting immense growth prospects in various areas:
The Biometrics-as-a-Service healthcare model will encourage healthcare market players to partner with third-party technology vendors to formulate plans to successfully implement software-centric biometric market offerings.
Behavioral biometrics help establish an integrated biometric portfolio that offers multiple behavioral biometric tools that can be customized based on the level of security and accuracy required.
Healthcare-as-a-Service aims to partner with wearable technology vendors to develop integrated market solutions, incorporating both front-end and back-end biometric applications.
To curb healthcare data breaches, technology vendors should focus on multimodal biometric offerings and implementation of machine learning to ensure higher cybersecurity.
Global Biometrics in Healthcare Market, Forecast to 2024 is the latest addition to Frost & Sullivan’s Healthcare research and analyses available through the Frost & Sullivan Leadership Council, which helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.
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